FedFirst Financial, a Monessen-based holding company for First Federal Savings Bank, has entered into an agreement to merge its operations with CB Financial Services for approximately $54.5m.
The merger will increase CB’s total assets to over $860m and will allow it to provide a broad range of retail and commercial banking services to customers throughout southwestern Pennsylvania.
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CB Financial Services CEO and president, Barron McCune Jr., said together, they can take the best of each bank and find new and better ways to serve their customers.
FedFirst Financial president and CEO, Patrick O’Brien, said blending the high performance cultures of both First Federal and Community Bank into one will create a financial services company that is well positioned to return great value to shareholders, customers, employees and the communities it serves.
"Our combined strength will also provide us with an increased opportunity to capture greater market share in the growing economy of our region," O’Brien added.
The merger agreement is expected to close in the third or early fourth quarter of 2014.
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